Zero coupon bonds are debt certificates with three main features. The issuer of the bond is the institution that borrows money. The maturity is the date when the money will be repaid. The notional is the amount to be repaid at maturity. Bonds are bearer securities which means that whoever owns them at the moment is the lender to the issuer. They can be traded at the market, where their price is established. Yield to maturity is an interest rate that reflects annual return on a current price of a bond if held to maturity. Yield quotatation is equivalent to price quotation and is useful to compare different bonds.